PARSIPPANY — Colliers International has arranged the Atlantic Health System (AHS) purchase of a two-property, 128,000-square-foot medical office and office building portfolio in Morristown for $22.5 million. The acquisition includes properties at 55 Madison Avenue and 101 Madison Avenue, both of which are located directly across from the Morristown Medical Center, which AHS also owns, elevating AHS as the largest medical system provider in the area.
Colliers International Managing DirectorJacklene Chesler, Executive Managing Director Bryn Cinque, and Managing Director James Bailey exclusively represented AHS in the transaction. Holliday Fenoglio Fowler, L.P. (HFF) represented the sellers, a joint venture of Ivy Realty and Centersquare.
Of the newly acquired properties, 55 Madison Avenue is an 89,000-square-foot office building, while 101 Madison Avenue is a 39,000-square-foot medical office building, which was renovated in 2008.
“The Madison Avenue portfolio is an optimal location for Atlantic Health System, given its proximity to the Morristown Medical Center,” Chesler said. “The company’s expansion to these buildings will provide ample space for growth as they look to accommodate their operational needs.”
“Our expansion within Morristown demonstrates our continued commitment to the area,” said Robert Peake, Director of Real Estate Facilities and Construction at Atlantic Health System, who noted that AHS was in search of medical office and office space to accommodate their growth. “We look forward to expanding our platform and continuing to provide best-in-class healthcare services to the community.”
The properties at 55 Madison Avenue and 101 Madison Avenue are two miles from downtown Morristown and the Morristown train station, which provides access to New York City’s Penn Station. Additionally, the properties are easily accessible via Interstates 287, 80 and 280, as well as Routes 24, 10 and 202.
“We congratulate Atlantic Health System on their continued success and the growth of their business in Morristown,” added Anthony DiTommaso, CEO of Ivy Realty Group. “They have acquired excellent assets that will serve them well.”
About HFF
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.
About Colliers International Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 10 consecutive years, more than any other real estate services firm.
